Advanced Composites Market To Witness Significant Demand From Sporting Goods And Aerospace & Defense Industries Till 2024 | Million Insights

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According to new report available with Million Insights, The global advanced composites market was expected to be USD 17.47 billion in 2015. The market is expected to witness significant growth on account of growing demand in sporting goods and aerospace & defense industry.

Industry Insights:

The global advanced composites market was expected to be USD 17.47 billion in 2015. The market is expected to witness significant growth on account of growing demand in sporting goods and aerospace & defense industry.

The commercial airline companies have increased the fleet size owing to a rise in the air passenger traffic, which is likely to have a positive impact on the demand for advanced composites over the forecast period. The growing utilization of the product in the automotive and marine applications is expected to bolster growth. Advanced materials popularly known as advanced polymer matrix components are light weight, high strength, and corrosion resistant fibers. The production of these materials is carried out by embedding fibrous material in different resin matrices. The extensive use of the product in aerospace & defense industry is expected to be the key driver for the industry growth.

The exorbitant product cost is expected to hamper market growth. The advanced manufacturing of the product coupled with automation, bolster the cost of production. In addition, the use of high-priced, high-performance resins increases the overall cost of the product resulting in hampering the demand in the marine and automotive sector. However, the growing demand in the construction and sporting goods industry is expected to have a positive impact on the demand for the product. The advanced composites industry is categorized by complete integration across the value chain from manufacturers to distributors. The key companies manufacturing advanced fibers are Huntsman Corporation, Hexcel Corporation and Koninklijke Ten Cate NV.

Full Research Report On Global Advanced Composites Market Analysis available at: https://www.millioninsights.com/industry-reports/advanced-composites-market

Product Insights:

The demand for advanced carbon composites is expected to witness the fastest growth as opposed to its counterparts at a CAGR of over 9%. High demand in the manufacturing of wind turbines, as well as aerospace components, is expected to be the key aspect for market growth of the composite.

The demand for glass composites exceeded over USD 8.0 billion in 2015. Advancement in the manufacturing technologies in developed economies including U.S. and France has bolstered the utilization of the product thereby driving growth. The aramid composites accounted for 10% of the overall revenue share. The market is expected to witness substantial growth on account of the high penetration in the defense sector. The characteristics of the products including low density, impact & heat resistance, and high strength are expected to be key factors driving the product growth in the defense sector.

Application Insights:

The aerospace & defense sector accounted for the largest market share accounting for over 65% in 2015. The increasing investments in the industry coupled with a positive year on year growth are expected to drive demand over the forecast period. The utilization of the advanced carbon fibers in aerospace and aramid fibers in the defense industry is expected to augment the sector demand.

The wind turbine industry is expected to grow at a CAGR of over 6% from 2016 to 2024. The increased application of glass and carbon composites coupled with high wind turbine industry growth is expected to boost market demand over the forecast period. The need for lightweight materials in marine, automotive and sporting goods in expected to drive the demand for the products over the forecast period. In addition, the growing popularity of sports among youth is expected to augment the demand for composites in the sporting equipment market.

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Regional Insights:

North America accounted for over 35% of the revenue share in 2015, owing to the rising demand in the aerospace & defense and automotive industry in the region. The factors contributing to the market growth includes high consumer purchasing power and demand for luxury products & services such as customized vehicles and air travel.

The presence of major players in such as Airbus in France is expected to drive the demand for advance composites in the aerospace sector in Europe. The increasing awareness of sustainable renewable energy utilization coupled with high wind turbines installations in the UK, Germany, and Spain is expected to aid the advanced composite market growth in Europe.

Competitive Insights:

The major players in the advanced composite market include Toray Industries, Inc., Cytec Solvay Group, Teijin Limited, Hexcel Corporation and Koninklijke Ten Cate N.V. are involved dynamically in the market, by constantly innovating new products and making strategic alliances.

One of the key players in the market, Toray Industries Inc. has its distribution and supply units creating a cost advantage for the company. Teijin Limited acquired Continental Structural Plastics Holdings Corporation for the expansion of its composites business. Other companies in the market include Owens Corning, Plasan Carbon Composites, Formosa Plastics Corporation, Momentive Performance Materials, Inc., WS Atkins plc and Advanced composites, E. I. Dupont De Nemours and Company, Huntsman Corporation, AGY Holdings Corp. and JEC Group.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/advanced-materials

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